PAPANDREOU RULES OUT HAIRCUT

GREEK Prime Minister George Papandreou ruled out a restructuring or “haircut” to the country’s debt yesterday and insisted it was on track to cut its budget deficit by 40 per cent by the end of the year. Papandreou said the package of wage reductions, pension decreases and tax rises brought in as a condition of the €110bn (£91bn) European Union and International Monetary Fund bailout in May would be sufficient.